All we try to do is buy a dollar for 40 cents.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

To my knowledge there are no good records that have been built by institutions run by committee. In almost all cases the great records are the product of individuals, perhaps working together, but always within a clearly defined framework. Their names are on the door and they are quite visible to the investing public. In reality outstanding records are made by dictators, hopefully benevolent, but nonetheless dictators.

I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.